The Fraud Advisory Panel has launched a corporate membership forum to lead a programme of activity to combat online fraud. Businesses from all sectors will e welcome to join the forum.
The forum will identify the risks posed by software that can be used to commit fraud.
UK Finance figures showed that in the first half of 2021, businesses lost £59.2m ($74.3m) to online scams, an increase of 35%. Most cases involve the use of software to socially engineer the victim into believing the payment instruction is genuine. As a result of its popularity during the pandemic, criminals currently favour remote desktop software to take over the victim’s computer and execute payments.
The corporate membership forum will discuss current legislative developments, including the Online Safety Bill and Computer Misuse Act, engage with software developers to enhance businesses’ resilience to online threats, and offer guidance on issues such as security protocols.
A cross-sector working group of business experts will meet later this month to address the harm caused by online targeted fraud, and will consider issues including, but not limited to:
- An increase in accountability for software providers to build security features into their products.
- The publication of the risks associated with software programmes.
- The certification of software security features such as safety standard across material products.
Fraud Advisory Panel chair, David Green, said: “The threat posed by online fraud to both businesses and individuals has increased exponentially. We have launched this cross-sector forum to address these threats and would encourage businesses and individuals to join us in this endeavor.”
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